As to maintenance, get with your local investment/RE/landlord associations and network to find reputable, cost efficient help.With no landlord experience you will need to calculate management into your equation.

Heck man, drive the price down as low as you can go, and the lock it up under contract.You are taking action, and that is the most important part of the equation!

Say you put that 10k in and made 7% per year for 5 years and compounded it each year that equate to a 7% IRR for those 5 years precluded that your 10k was returned to you at the end of the period.

When I take out debt service and look at net cashflow, that equation is better.

Now I have had great luck with decent tenants and minimal damage, but all buy and hold investors know that it is just going to be part of the equation.

This is what Joe Gummerson posted with the equation arranged differently. 

Just because someone doesn't invest in the same class of real estate it doesn't equate to greed.

I own the land outright and the value of the land equates to about 30% of the total equity needed to build the house. 

My main influence was the supply/demand equation.

Any suggestions how I should approach and or reevaluate what that 700 per month would equate in a lower price?